Answered step by step
Verified Expert Solution
Question
1 Approved Answer
using both Lifo and fifo calculate the cost of goods sold and the ending inventory for both 1) use perpetual and LIFO explain the process
using both Lifo and fifo calculate the cost of goods sold and the ending inventory for both
Date Descriptlon Units Purchased at Cost Units Sold at Retall June 1 Beginning Inventory 150 units (i) $10=$1,500 9 Purchase 1 200 units (ii) $12=$2,400 14 Sale 1 300 units (ii) $25 22 Purchase 2 250 units 29 Sale 2 225 units @$2.5 \begin{tabular}{rllr} Date & \multicolumn{1}{c}{ Description } & Units Purchased at Cost & Units Sold at Retall \\ \hline June 1 & Beginning Inventory & 150 units @ $10=$1,500 & \\ 9 & Purchase 1 & 200 units @ $12=$2,400 & \\ 14 & Sale 1 & & 300 units @ $25 \\ 22 & Purchase 2 & 250 units @ $19=$4,750 & \\ 29 & Sale 2 & & 225 units @ $25 \end{tabular} 1) use perpetual and LIFO
explain the process through a chart
*cost of goods sold *ending inventory
2 ) use periodic and FIFO
explain the process through a chart
* cost of goods sood *ending inventory
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started